Vishing describes a scam artist that uses the phone to attempt to con you out of your hard earned money. The scammer, or fraudster, may use either an automated calling machine or if they’re bold enough may simply pick up the phone and start dialing through the phone book. They pose as your credit union or bank and issue an urgent warning requiring immediate action on your part or your credit or debit card will be deactivated. That action includes providing your card information along with other “identifying” information such as your social security number.
We’ve seen a dramatic increase in the number of Vishing scams over the last few months, perhaps related to the economic downturn. Modern low cost Voice over IP technology and inexpensive or free automated dialer software has made it simpler and cheaper for the fraudsters, who hide behind spoofed Caller IDs to fool you into thinking the call is really from your banking institution.
In the past fraudsters have made automated calls that requested the victim hang up and dial a specified number which would prompt to provide card numbers and other personal information. However, this left the fraudster somewhat vulnerable as they could be tied back to the phone number, or if anything, the Telephone company could shut down the number if a fraud report were filed. Now, fraudsters are forgoing the call back and the machine is asking for the information right off the bat. The fact they continue to hide behind spoofed Caller ID information makes it difficult to trace the call back to the originating number and shut them down.
To protect yourself exercise common sense. NEVER give out any personal information to anyone or anything that initiates the contact with you. This includes phone calls, emails, text messages, etc. Fraudsters will try to create a sense of urgency, for instance that you will lose the ability to use your card if you don’t comply with instructions. Do not fall for this. Remain calm and always verify the authenticity of the call or email by contacting your banking institution directly through a known channel like their published phone number.
Fraudsters are always adjusting their tactics to stay one step ahead of the technical defenses credit unions and banks can deploy. But ultimately a successful scam relies on the deception of people. Decide not to be a victim and fight back by educating yourself and using common sense. If everyone did these scams would dry up.
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